Assets of 10 UAE banks hit Dh1.75 trillion

The total assets of 10 UAE banks jumped to Dh1.75 trillion by the end of the first quarter of 2017, a 9.3 percent growth from Dh1.6 trillion recorded over the same period last year.

A Wam analysis has found out that the growth in assets of the 10 banks whose first-quarter 1 financial statements were announced until April 20 is attributable to an increase in the value of bank deposits registered during the first quarter of the year, which amounted to Dh1.11 trillion, a 4.4 per cent increase over the same period last year.

UAE banks continue to book robust growth despite the state of deceleration witnessed by the banking sector globally, according to banking sources who have cited the positive results recorded over the past three months as an example for the resilience boasted by UAE banks in comparison with other banks in the region. According to statistics from the Central Bank of the UAE, banks' solvency ratio has reached 19 per cent, which exceeds the requirements of Basel III. The central bank started effective this year to apply part of these measures.

In a positive sign reflecting the growth posted by UAE banks, a total of Dh23 billion in loans was provided over the first three months of the year by the banks whose first-quarter financial statements were disclosed, bringing to Dh1.03 trillion their total loans, a 2.3 per cent increase over the same period in 2016.

In terms of assets, First Abu Dhabi Bank, the new banking entity created by the merger of National Bank of Abu Dhabi and First Gulf Bank, came in first with Dh682.4 billion worth of assets, followed by Emirates NBD's Dh452 billion; both account for 64.8 per cent of the 10 banks' total assets.

Dubai Islamic Bank came in third with of Dh187 billion, followed by Mashreq Bank with Dh120.7 billion and Union National Bank with Dh104.6 billion.